Press release
Online Travel Market 2019 - 2023 Global Key Players: Alibaba Group Holding Limited, Expedia, Inc, The Priceline Group, TripAdvisor Inc, Thomas Cook Group plc
New experiences have involved journeys to exotic destinations or pilgrimage sites. Online travel is a medium which makes it possible for travelers to attain tickets, hotel rooms, and other assorted items at affordable prices.
The elimination of touts which charge a hefty price has made room for the online travel sector to bloom. The global online travel market report by Market Research Future (MRFR) states drivers, opportunities, threats, and weakness in the market in a step-by-step manner.
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Market Outlook:
The global Online Travel Market is likely to touch USD 1,134.55 billion by 2023 at 13.16% CAGR from 2018 to 2023 (forecast period). It had a prior standing of USD 570.25 billion in 2017. Technology has played a major role in driving market growth. The availability of the Internet in urban and rural regions has allowed users to book tickets with ease fueling the online travel market. Furthermore, launch of mobile applications which makes it convenient for customers to gain advantage over other routes of booking can drive market growth.
Social media platforms have acted as a catalyst for the market due to postings of online reviews of exotic destinations. The reliance on reviews by users to influence hotel and restaurant bookings is likely to propel market revenues. The use of these platforms to resolve any outstanding queries and provide exceptional customer service can work favorably for the online travel market.
But surge in prices of tickets at peak hours can be detrimental for its growth.
Competitive Outlook:
Prominent names include Thomas Cook Group PLC, eDreams ODIGEO SA, Ryanair DAC, Expedia Inc., Alibaba Group Holding Limited, Airbnb Inc., Ctrip.com International Ltd, Booking Holdings Inc., TripAdvisor Inc., MakeMyTrip Pvt. Ltd, FlixMobility GmbH,and others.
Segmentation:
The global online travel market is segmented by platform type, mode of booking, and service type.
• By platform type, it is segmented into desktop-based platform and mobile/tablets based. The latter is predicted to gain a significant market share due to reliance on smartphones for checking ticket prices and booking rooms. In addition, the huge consumer base on mobile phones coupled with giving a memorable staying experience to visitors can drive the segment growth. The desktop-based platform can be lucrative for the online travel market due to being used by travel agencies and users on a daily basis.
• By mode of booking, it is segmented into direct travel facilitators and online travel agencies.
• By service type, it is segmented into vacation packages, accommodation, and transport. Vacation packages can generate maximum market revenue due to holiday goers and tourist attaining deep discounts on these services.
Regional Analysis:
Geographically, the global online travel market is segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is expected to dominate the market till the end of the forecast period due to adoption of customer relationship management (CRM) solutions for personalizing travel experiences. The booming travel & tourism industry combine with changing visa policies is expected to shift the preference of visitors to online sites. Convenience offered by these sites and the manageable user interface is likely to boost online travel market revenue in the region.
Europe is driven by heavy investments in enhancing public infrastructure and adoption of mobile technology to drive bookings. Intense competition among agencies coupled with travel uncertainties due to volatile political scenarios such as Brexit can pose a challenge to market growth.
The APAC region is driven by low-cost carriers and a plethora of online sites offering enticing rates. Proliferation of smartphones and the pervasion of technology is expected to provide abundance of opportunities for the online travel market.
In RoW, the Middle East & Africa and South America regions can exhibit significant growth rates thanks to investments by countries to attract tourists.
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Intended Audience:
• Technology Investors
• Research/Consultancy firms
• Technology Solution Providers
• Government Bodies
• Regulatory agencies
• Consumers
• Corporate sector
About Market Research Future:
At Market Research Future (MRFR), we enable our clients to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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